Global Business Power Corp. (GBPC), the power-generation unit of taipan George Ty’s GT Capital Holdings, is giving itself one more year to firm up its initial public offering (IPO) plans, delaying its original plan to go public this year.
Alfred Ty, director of GBPC, confirmed that the company is not yet going to list in the local bourse this year, but the firm “is not closing the doors” for its IPO some time next year.
“A lot factors taking into account—the use of proceeds, new projects. Siyempre kailangan handa kami sa lahat na ’yun [Of course we should be ready for all that factors] and you have to prepare expansion plans,” he said.
GBPC President Arthur Aguilar said the previous year that the company was planning to go public in 2013, or once the company polishes its expansion plans in both the Visayas and Mindanao.
Aguilar even said in earlier reports that the option to pursue the company’s IPO plans would also depend on market conditions.
He added that if ever the company would push its public offering, it will use the proceeds for two proposed coal-fired power projects in Cebu and Iloilo, which could have a combined project cost of as much as P20 billion.
The company is also looking to spend part of the IPO proceeds for the coal-fired power plant it is planning to build in Mindanao.
In the meantime, Ty said that GBPC is setting its focus in the Visayas as the potential growth area for the firm.
“That’s [the Visayas]where the immediate window is for us,” he said, explaining that the company is also considering some expansion plans in Mindanao.
“For us, of course, there is a lot of requirement in Mindanao and it’s something the group is studying. We have to take into account our logistics also, because now we are set in place Mindanao. It’s in the discussion,” he further said.